Quantcast

IDA Fuels Business Expanison, Creates Jobs in Queens

Aside from being up and coming Queens businesses, these three companies are included among the 17 businesses city-wide receiving assistance through the Industrial Development Agency (IDA).
"The City is committed to helping small businesses flourish and these IDA transactions are a great example of how the city helps growing companies in all industries and communities," said Mayor Rudy Giuliani in explaining the program which is expected to create more than 1,000 jobs throughout the borough.
One of the benefactors of the IDA program is specialty food distributor M&V Provisions Co. which has done business throughout the City since 1949.
M&V, the originators of Ham Capacolla, plans to expand its operations after purchasing and renovating a 10,000 square foot facility in Maspeth.
The new location is expected to add eight new jobs to the staff and has enabled M&V to be approved to receive over $800,000 in tax benefits over 25 years.
A Maspeth based distributor of Perrier and Nantucket Nectars, Big Geyser —which is estimated to receive over one million dollars in assistance over 25 years — plans to consolidate its operation while adding 32 new workers to their roster.
"Small Businesses play an invaluable role in the economy of New York City with 98 percent of our businesses employing fewer than 100 workers," said Michael Carey, chairman of the IDA who explained that since 1994 the group he heads has helped over 300 small businesses and organizations to expand.
"This translates into significant job growth for New Yorkers as well as added revenue and improved quality of life for neighborhoods throughout the City," Carey added.
Many committed to helping these small businesses are calling Crystal Window and Door Systems, currently of Flushing, one of the shining stars of the IDA program, serving as an example of how government has been able to help small businesses while revitalizing city owned land.
"This is a great program for people like us," said Thomas Chen, president of the 9-year-old Queens based business.
Crystal Window is slated to receive IDA assistance to construct a new $145,000 manufacturing facility on land near the Whitestone Expwy, which it purchased from the City last year.
Crystal Window, which currently employs 130 workers, anticipates to be able to add 240 more jobs to the College Point community and recently received second phase approval for approximately $3, 600, 000 in tax benefits over a 25-year period.
The IDA has also helped draw businesses from other areas.
At a recent IDA board meeting, it was revealed that Royal Airline Laundry Services Corp., an industrial laundry servicing the airline industry, is planning to purchase a vacant lot and construct a 35,000 square-foot building in Far Rockaway.
Royal Airline will move 200 employees from Long Island, to its new location in the Far Rockaway Economic Development zone.
Other local businesses which have received second-phase approval in the program are:
•Famitech, a start-up Long Island City manufacturer of toiletries and sundries
•Austin Automotive Warehouse Corp., a wholesale auto parts distributor based in Woodside
•Long Island City based women’s swimwear manufacturer Feldman Manufacturing
The IDA is one of the City’s primary vehicles for providing assistance to businesses and issues tax-exempt industrial revenue bonds that assist industrial and not-for-profit groups to finance expansion.

More from Around New York